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It’s early days for generative AI like OpenAI’s ChatGPT and many people in the market are still not convinced how it will affect the economy and society, if they are amazed by its tricks.
Warren Buffett said in a recent interview with Becky Quick on CNBC’s “Squawk Box” that while ChatGPT has done “great things” in writing a song for him in Spanish, and that this is “an incredible technical advance in terms of showing what we can do,” it wasn’t. convinced of the final results of the world. “I think this is unusual but I don’t know if it helps,” he said.
He has said that the time-saving element of technology is one of the things that struck him.
“He can tell you that he reads every book, every legal opinion. I mean, the amount of time he can save you, if you’re doing all sorts of things, is incredible,” Buffett said.
This is where generative AI CEOs focus.
OpenAI CEO Sam Altman told CNBC’s Julia Borstein in an interview after being named the No. 1 company on CNBC’s 2023 Disruptor list this year that the legal profession is a good example.
“What we’re hearing from clients using our API for law firms is that it completely changes the way they work and the efficiency that any lawyer can achieve and the accuracy, freeing up people to do more of what they do really well, and having this new tool to kind of give them as much as possible.” of influence.”
This backs up what technical execs who work directly with law firms told CNBC, one of whom said of his law firm and accounting clients that the feeling right now is not that AI is replacing lawyers, but that “lawyers using AI are going to replace lawyers… “These professionals will be more effective and efficient and will be able to do more,” he said.
“This is a pattern we see over and over in many industries, and I’m really excited about it,” Altman said. “I think it will touch just about everything.”
There isn’t much research yet to support these claims, but early data supports anecdotal evidence. A study released by MIT researchers In March it showed that workers were 37% more efficient using ChatGPT.
Aidan Gomez, CEO of AI startup Cohere, which was ranked 44th on this year’s Disruptor 50 list, referred to the MIT study in an interview with CNBC on Tuesday, saying, “The results are amazing.” “This is the great level of the Industrial Revolution. What the steam engine did for mechanical work, mechanical work, this technology will do for intellectual work.”
In his comments to CNBC, Gomez stressed that the research has not yet been peer-reviewed. The MIT paper’s authors, Whitney Chang and Shaked Noy, were unable to comment because the research is currently in the process of submission to a journal for peer review and publication.
Generative AI is already ‘significantly affecting workers’
The Cohere platform enables developers and companies of all sizes—even those without machine learning experience—to integrate AI features such as transcription, search, conversational AI, and summarizing or content editing into their company’s mobile app or service platform. Cohere works with an AI customer service technology vendor Liveperson And it has cloud deals with Google, Amazon Web Services, and Oracle. Salesforce is an investor in the company. Gomez came up with co-founder Nick Frost of Google Brain, a deep learning AI exploration team now part of Google Research. while in the alphabetGoogle, Gomez, and other researchers have helped develop a new method of natural language processing — transformers — that enables systems to more accurately understand word context.
Comments like Gomez’s have contributed to the debate about whether artificial intelligence replaces or augments human labour. In sectors such as education, these concerns are already increasing. Gomez, in keeping with the outlook of most AI executives, stuck to the “reinforcement” script.
“What you will see is that humans will become 10 times more efficient at what they do,” he said.
He has said we should be wary of companies pointing to AI as a reason for layoffs in the future. He expects this excuse to be made.
Gomez said workers also have an advantage at the moment: the time it will take to integrate AI technology into the existing technology stack.
“The reality is that this is going to be a slow process over the next half decade and there will be time to adjust and change your job,” he said. “And honestly, you’re going to love it.”
His comments made it clear that the workers get used to it better.
“We’re ahead of the real publishing, so I think Boil Underwater is all this work is going on just to transform every single product, every company.”
The MIT study provided more than a mixed assessment of final outcomes for workers and the labor market. Increases in productivity among college-educated professionals performing mid-level professional writing tasks were rated “significant,” and the study showed that these workers carried out the tasks “faster.” Meanwhile, the initially low-performing workers saw an increase in output and a decrease in time spent on the task. But the MIT researchers weren’t so sure that this meant the outlook was good for job preservation.
“Empirical evidence suggests that ChatGPT largely substitutes for workers’ effort rather than complementing workers’ skills, which may cause lower demand for workers, with adverse distributional effects as owners of capital gain at the expense of workers,” they wrote.
The researchers also pointed to limitations in their study. First, the tasks were “relatively short, self-contained, and lack a dimension of context-specific knowledge, which may inflate our estimates of the usefulness of ChatGPT.” They could not draw conclusions about overall job satisfaction from the results, and in capturing the “direct and immediate effects of ChatGPT on selected occupations only” they could not explain the many other factors that will affect labor markets and production systems as they adapt to new technologies such as ChatGPT, or how it will affect Artificial intelligence on every profession, task and skill level.
The only conclusion they confidently come to in their paper: “Currently, the evidence we present suggests that generative AI technologies – and they are already beginning – will significantly affect workers.”
Watch the full CNBC Disruptor 50 interview above for more of the leading AI CEO’s views on how the next few years in the business will play out.
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